Oil falls 1pc on Gaza ceasefire talks

Oil prices fell over a dollar a barrel on Monday after Israel reduced its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas. Brent crude futures fell $1.07, or 1.2 per cent, to $90.10 a barrel by 1:26 p.m. ET (1726 GMT). US West Texas Intermediate crude was down 85 cents, or 1pc, at $86.06. Both benchmarks fell more than $2 earlier in the session, with investors focusing on Israel’s decision to withdraw more soldiers from southern Gaza on Sunday. Also weighing on oil prices were expectations that US crude oil stocks likely rose last week, Staunovo said. However, the decline in oil prices should be modest until it becomes clear how Iran will respond to the bombing of its consulate in Syria last week, he added.